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☆ What’s Your Savings Rate? These Banks Are Paying 10 Times the National Average
▼ + stars: | 2022-12-28 | by ( ) www.wsj.com time to read: +9 min

Savings accounts have followed suit, with many top accounts yielding 3%, or even 4%, up from less than 1% earlier this year. The average savings account still earns just 0.3%, according to the Federal Deposit Insurance Corp. Accordingly, the highest APYs you can expect to find on savings accounts today are clustered close to that figure. If your main priority is simply the best rate, some online banks with less name recognition are pushing the envelope even further. Leon says digital institutions tend to be among the most competitive in their rates for CDs as well as savings accounts.

☆ 10 money managers who quietly control the vast fortunes of Jeff Bezos, Sergey Brin, the Waltons, and other big-name billionaires
▼ + stars: | 2022-12-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +24 min

Many über-rich people don't outsource their wealth — they hire their own chief investment officers. He left SAC in 2005 for Dune Capital Management, but stayed in touch with Steve during his five-year term at the investment firm. Andrew oversees CPV's portfolio, which primarily comprises direct private investments such as Collectors Universe, a collectibles-authentication company, and the New York Mets. In 2011, Wildcat Capital Management was launched with Potter as president and chief investment officer. Since November 2021, Carland has also served as the interim chief investment officer for Builders Vision's asset arm.

☆ Leonteq lowers profit expectations on reduced demand
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Dec 27 (Reuters) - Swiss fintech Leonteq (LEON.S) said on Tuesday that it was lowering its profit expectations for 2022 due to reduced client demand in the second half of the year. "Leonteq continued to register reduced client demand on the back of an overall challenging market environment but recorded stable monthly net fee income over the same period," it said. The company said it expects to report a group net profit for 2022, without giving any exact numbers. Its previous guidance was that it would exceed the prior year's group net profit of 155.7 million Swiss francs ($167.3 million). ($1 = 0.9305 Swiss francs)Reporting by Noele Illien; Editing By Tom Hogue, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ How Bank of America achieved a massive comeback from the brink of collapse
▼ + stars: | 2022-12-27 | by ( Nathaniel Lee | ) www.cnbc.com time to read: +2 min

"If the government did not intervene for Bank of America and the other banks, Bank of America would have failed." The bank reported net income of $31.9 billion in 2021, compared with just $4 billion in 2008. "This is unique to the banking industry and Bank of America being one of the largest banks, stands to benefit the most." "The big change at Bank of America is that they have gone from irresponsible growth to responsible growth," said Mayo. "One key aspect of Bank of America's responsible growth is to say no and no more often," explained Mayo.

☆ European shares gain on China recovery optimism
▼ + stars: | 2022-12-27 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +2 min

The pan-European STOXX 600 index (.STOXX) gained 0.4% to start the holiday-shortened week higher. China on Monday said it would drop its quarantine requirements for inbound visitors, further easing three-year border controls aimed at curbing COVID. While London and Dublin markets remained closed for the Christmas holiday, most European bourses advanced in early trading. Miners (.SXPP) and energy stocks (.SXEP) added 1.0% and 1.4%, respectively, as commodity prices jumped on hopes of demand recovery in top consumer China. Industrials (.SXNP) and banks (.SX7P) gained for a second straight session, lifting the broader European index.

☆ Oil rises after Russia says it could cut output due to price cap
▼ + stars: | 2022-12-23 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose by $2 per barrel on Friday after Moscow said it could cut crude output in response to the G7 price cap on Russian exports, putting the market on track for a second week of gains. Russia may cut oil output by 5%-7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday. "Crude prices are higher as energy traders focus on Moscow's response to the price cap put on Russian oil and not so much the thousands of flight cancellations that will disrupt holiday travel," OANDA analyst Edward Moya said. On Thursday, benchmark oil prices fell as flights were scrapped. "As U.S. crude oil inventories fall and winter storms hit the U.S., cold temperatures are expected to extend southward to Texas, Florida, and the Eastern states.

☆ Virginia on track to send first Black woman to Congress
▼ + stars: | 2022-12-22 | by ( Zoë Richards | Zoë Richards Is The Evening Politics Reporter For Nbc News. | ) www.nbcnews.com time to read: +3 min

State Sen. Jennifer McClellan is on track to become the first Black woman to represent Virginia in Congress after she won the Democratic primary Thursday to fill the seat of Democratic Rep. Donald McEachin, who died last month from cancer. Lamont Bagby, the chair of the Virginia Legislative Black Caucus, in the primary. Morrissey resigned from his state House seat in 2014, but he then ran for that same seat as an independent and won in 2015 — while serving time in jail. Democratic Sen. Tim Kaine of Virginia also threw his support behind her. McClellan had also won the support of other Black leaders in the district, including Richmond Mayor Levar Stoney.

Dec 22 (Reuters) - Tesla (TSLA.O) Chief Executive Officer Elon Musk said on Thursday he will not sell any more Tesla stock for about two years. His comments came after a Tesla stock sell-off deepened on Thursday over worries about softening demand for electric cars and Musk's distraction with Twitter and his stock sales. "I won't sell stock until I don't know probably two years from now. Musk has previously made promises about not selling Tesla stock before subsequently selling it. "(Twitter) is maybe 10% of the complexity of Tesla," Musk said.

Dec 22 (Reuters) - Tesla (TSLA.O) Chief Executive Officer Elon Musk said on Thursday he will not sell any more Tesla stock for another two years. Musk has previously made promises about not selling Tesla stock before subsequently selling it. "I needed to sell some stock to make sure, like, there's powder dry...to account for a worst case scenario," the billionaire said. Musk said that Tesla is close to picking the location of its new "Gigafactory." "(Twitter) is maybe 10% of the complexity of Tesla," Musk said.

☆ Florida GOP to hold no-confidence vote in RNC Chair Ronna McDaniel
▼ + stars: | 2022-12-21 | by ( Marc Caputo | Marc Caputo Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +5 min

The Florida GOP plans to hold a no-confidence vote in Republican National Committee Chairwoman Ronna McDaniel next month, a crucial test of the embattled leader’s strength just days before her own re-election. He issued the petition in response to Republican Party of Florida Chairman Joe Gruters sending out a letter Tuesday endorsing McDaniel. The messy race for national chair reflects broader troubles in the Republican Party. The two candidates vying to succeed Gruters as Republican Party of Florida chair, Leon County Chair Evan Power and Sarasota County Chair Christian Ziegler, both told NBC News they support Dhillon. "This is about who is best to be RNC chair, and that's Ronna."

☆ Tesla may announce Mexico plant in coming days - report
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Dec 19 (Reuters) - Electric carmaker Tesla (TSLA.O) could announce the construction of a "Gigafactory" in the northern Mexican state of Nuevo Leon as soon as Friday, local newspaper Reforma reported Monday. The initial investment is projected at between $800 million and $1 billion, sources told the newspaper. A source told Reuters then that Musk had met with Nuevo Leon Governor Samuel Garcia and U.S. The Mexican Gigafactory, planned on the outskirts of the city Monterrey, would start by building components for current Tesla models, a source told Reforma, later possibly building a new model at a lower cost than other factories. Mexican Foreign Minister Marcelo Ebrard said earlier this month that Musk had toured three states in Mexico scouting locations for the factory.

☆ Tesla may announce $800 mln to $1 bln in Mexico plant in coming days - report
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

The total investment, taking into account future expansions, could eventually reach $10 billion, sources told the newspaper. The announcement would follow Chief Executive Elon Musk's visit to the state, which borders Texas, in October. A source told Reuters then that Musk had met with Nuevo Leon Governor Samuel Garcia and U.S. A federal official told Reuters Tesla would announce news of its planned investment when it was ready to do so, but that it would not necessarily be before Christmas. Mexican Foreign Minister Marcelo Ebrard said earlier this month that Musk had toured three states in Mexico scouting locations for the factory.

A large dent has also come from industrial sectors forced to curb output as high gas prices make production uneconomic with some firms shifting production to regions with cheaper energy. FIGHT FOR SUPPLIESThe obvious way to boost supplies is through liquefied natural gas (LNG). That may not happen next year, meaning Europe would face fierce competition for LNG that would drive up the cost. Record high prices in Europe, however painful, helped the region to secure record volumes of LNG imports this year. Benchmark European gas prices hit a peak in August of more than 300 euros/MWh.

☆ Housing slump to continue but some hopeful signs ahead
▼ + stars: | 2022-12-18 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +6 min

While that’s already had a negative impact on the housing market, we’ll get more details this week about how much worse the damage has become. A long list of housing data is on tap. On Tuesday the US Census Bureau will report housing starts and building permits figures for November, followed by Friday’s release of new home sales data for the same month. Housing market was frothy, but not a bubbleOthers in the industry are cautiously optimistic as well. That all amounts to a few good reasons why the housing market could avoid a severe and prolonged slump.

☆ Tesla plans to announce Mexico EV plant as soon as next week -Bloomberg News
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +1 min

Dec 16 (Reuters) - Tesla Inc (TSLA.O) is finalizing plans to build an electric vehicle assembly plant in an industrial area of northeastern Mexico and may announce the factory as early as next week, Bloomberg News reported late Friday. The plant will be located in Santa Catarina in Monterrey city, the capital of Nuevo Leon state in Mexico, the report said, citing people familiar with the matter. It is unclear what models Tesla would produce in the Mexican factory or when it would begin production, Bloomberg said. Two people with knowledge of the matter told Reuters in October that Tesla Chief Executive Elon Musk was considering investing in the northern Mexican state of Nuevo Leon, which borders Texas. Musk held a meeting in the state with Nuevo Leon Governor Samuel Garcia along with other local officials, and Ken Salazar, the U.S. ambassador to Mexico, one of the sources said.

☆ Rooftop solar: How homeowners should do the math on the climate change investment
▼ + stars: | 2022-12-17 | by ( Tim Mullaney | ) www.cnbc.com time to read: +5 min

Central to the deal: Tax credits and other benefits from both the state of Connecticut and from Washington, D.C., he says. Hurwitz's experience points up one benefit of the Inflation Reduction Act that passed in August: Its extension and expansion of tax credits to promote the spread of home-based solar power systems. California's solar energy net metering decision Certainty has been the thing that's hard to come by in solar, where frequent policy changes make the market a "solar coaster," as one industry executive put it. watch nowFor potential switchers, tax credits can quickly recover part of the up-front cost of going green. The bids for one suburban Chicago house ranged as low as $19,096 after the federal credit and as high as $30,676.

The councilman has defied demands for his resignation and attended last week’s meeting, amid vociferous protests, “to get back to work,” he told CNN’s Kate Bolduan before the meeting. Calls for de León’s resignation have continued since October, when audio of a year-old conversation between de Léon and fellow council members was posted anonymously on Reddit and obtained by the Los Angeles Times. Much of the conversation focused on maps proposed by the city’s redistricting commission and the council members’ frustration with them, but it also featured racist remarks about a fellow council member’s Black son and about Oaxacans. “I shouldn’t have said what I said,” de León told CNN on Tuesday, clarifying his remarks comparing White colleague Mike Bonin’s Black child to a designer handbag. De León pointed to his body of work, including his work on environmental issues and advocacy on behalf of undocumented immigrants.

The city's homelessness crisis, both an incubator for street crime and a corollary to skyrocketing housing costs, touches almost every facet of life in L.A., even when it's just a backdrop. Bass vowed Sunday to attack it head-on by declaring a citywide state of emergency, an idea that had been circulating through City Hall since at least 2015. Bass is promising a new day and inspiring L.A.'s guardians to forget about the bickering, at least for a moment. "Where there’s will, there’s women," she said. "And where there’s women, there’s forever a way."

☆ Golden Globe Awards 2023: See the full list of nominees
▼ + stars: | 2022-12-12 | by ( Lisa Respers France | ) edition.cnn.com time to read: +7 min

CNN —The nominees for the 80th Golden Globe Awards were announced on Monday. Mayan Lopez and Selenis Leyva, two of the stars from “Lopez vs. Lopez,” announced the range of film and television nominees as selected by members of the Hollywood Foreign Press Association (HFPA). Favored Oscars contender “The Banshees of Inisherin” led the film categories, with nominations including best musical or comedy film. It stars Colin Farrell and Brendan Gleeson. The ceremony, which was not broadcast last January over controversy surrounding the HFPA, will return to NBC on Jan. 10.

☆ These are Wall Street's 6 favorite highly discounted tech stocks
▼ + stars: | 2022-12-11 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +3 min

To find Wall Street's favorite discounted tech stocks, CNBC Pro looked for Nasdaq 100 names with a forward price-to-earnings ratio less than the overall index, then sorted for stocks trading at a 20% — or greater — discount to their average five-year forward multiples. The cheap tech stocks analysts favor The most discounted name on the list is PayPal . Wall Street analysts covering the stock think it can surge more than 42% from current levels. Alphabet also made the list, with analysts seeing a more than 34% upside to shares of the tech company. Overall, analysts see the stocks gaining 26% and more than 25%, respectively.

☆ Los Angeles Police Investigate Altercation Involving Council Member
▼ + stars: | 2022-12-10 | by ( Kate King | ) www.wsj.com time to read: 1 min

Los Angeles police are investigating an altercation between activists and a City Council member became physical Friday evening. Kevin de León , the council member, has been facing calls to resign since October, when an audio recording was released in which he and two other council members, all Democrats, discuss how to redraw districts in a way that would be politically advantageous to Latinos while sidelining other groups, including Black Angelenos.

☆ Kevin de Leon: Video shows LA city councimember involved in a physical altercation months after involvement in racist conversation
▼ + stars: | 2022-12-10 | by ( Shawna Mizelle | ) edition.cnn.com time to read: +3 min

Washington CNN —Los Angeles city council member Kevin de León is facing renewed scrutiny after a video surfaced online Friday night of him engaged in a physical altercation with a community activist during a holiday event. De León said in a statement Saturday that he was acting in self-defense after being headbutted by Reedy. “Video footage clearly shows him and his supporters initiating this assault while Mr. Reedy stands with his hands up. Calls for de León’s resignation have continued since October when audio of a year-old conversation between de Léon and fellow council members was posted anonymously on Reddit and obtained by the Los Angeles Times. Much of the conversation focused on maps proposed by the city’s redistricting commission and the council members’ frustration with them, but it also featured racist remarks about a fellow council member’s Black son and about Oaxacans.

☆ Oil tankers are getting stuck in the Black Sea. That could become a problem
▼ + stars: | 2022-12-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

A further nine tankers were waiting to cross southbound from the Sea of Marmara through the Dardanelles strait into the Mediterranean. The snag is linked to a Western price cap on Russian oil that came into effect on Monday. Countries including Russia, Kazakhstan and Azerbaijan use the Turkish straits to get their oil to world oil markets. The traffic jam in the Turkish straits arose following the imposition this week of the price cap on Russian oil. Turkish officials say this position is “unacceptable” and on Thursday reiterated demands for letters from insurers.

China, Russia's top oil buyer, has not agreed to the price cap. The light sweet crude is favoured by Chinese refiners due to their proximity and the oil's high middle-distillates yield. At current Brent levels, the $6 discount implies a price of $68 a barrel including freight and insurance costs. "They (independent plants) don't really care about the price cap. With the price cap in place, China, India and Turkey could have more bargaining power, the analysts added.

☆ This biotech stock can jump more than 90%, Barclays says
▼ + stars: | 2022-12-08 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Little-known Insmed could take off as one of its drugs with conditional approval and another in development show promise, according to Barclays. Analyst Leon Wang initiated the stock as overweight with a price target of $37, which presents a 94.9% upside from Wednesday's close. The company focuses on pulmonology-focused commercial biotech, with two major medications for bronchiectasis, which is when airways in lungs are widened, and a lung disease. Assuming strong data out of the third trial, Wang said the medication could hit the market in 2025. He said Insmed will likely surpass sales guidance, which was already set for a 30% year-over-year increase, in 2022.

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